The data, drawn from BNEF’s database of deals and projects, show that one sub-sector of renewables – offshore wind – had by far its busiest half year ever for final investment decisions, and this more than offset declines in investment in solar, onshore wind and biomass.
Offshore wind financings in 1H20 totalled US$35 billion, up 319% y/y and in fact well above 2019’s record full-year figure (a revised US$31.9 billion). The first half of this year saw investment decisions made on 28 sea-based wind farms, including the largest ever, the 1.5 GW Vattenfall Hollandse Zuid array off the coast of the Netherlands, costing an estimated US$3.9 billion.
